Skin Analytics raises £4 million in Series A funding
Investors in this round: Led by Hoxton Ventures with participation from Nesta and Mustard Seed Ventures
UK-based start-up Skin Analytics has raised £4 million in Series A funding.
The funding round was led by Hoxton Ventures with participation from Nesta and Mustard Seed Ventures.
Skin Analytics, who have developed a skin cancer screening service that uses A.I., will use the funding to expand its focus to the U.S. The company was awarded the ‘Breakthrough Device Designation’ by the FDA.
“At its most simple, skin cancer is the world’s most common cancer and incidence is increasing around the world. Overlay that with the fact there is a global shortage of dermatologists and we have a real challenge already with how we identify and deal with skin cancer,” says Skin Analytics founder Neil Daly.
“By using our service, we can reduce the number of patients who end up in hospital by 40-60%, depending on where our technology is used. That [means]â¦ we can reduce the demand on our scarce dermatology resources, freeing them up to focus on other patients such as the inflammatory skin disease patients who often wait months for appointments. We can also reduce the cost of skin cancer, freeing up that money to be reassigned to improving care elsewhere.”
Skin Analytics will also continue to forge partnerships with the NHS following the launch of the world’s first ‘AI-powered’ clinical pathway in conjunction with University Hospital Birmingham.